Market Metrics You Need To Know
Prepare your brain for a lot of data in a short post! 🧠📈 Many new records were established early in the year with a frenzy of buyer and new listing activity. I love stats, data, and analyzing all of the numbers in an educated way to take decisive action, which helps buyers get offers accepted in this very competitive market and helps sellers determine pricing strategy and marketing efforts.
Under the picture, I will dive into some key points from what this outlines.
Average Sold Price Percentage Increase: Average Sold Price (for single family home) increased by 8.3% from January to February! WOW! That used to be the increase over the course of an entire year, not just a month. Speaking of the increase over a year, it increased 17% from February 2021 to February 2022.
Average Sold Price Amount: The Average Sold Price in the Denver Metro is now over $735k.
Percentage of Closed Transactions Over List: 71.5% of the closed transactions sold for over their asking price. Personally, it felt like it was higher than that actually being in the market with my buyers! Another 10.9% closed at listing price.
Percentage Over Asking: Knowing the majority of homes are selling over asking price, how much over is the next typical question. Data shows the average amount over asking price for those homes in multiple offer situations was 6.6%.
Median Days on Market: Our typical 'new listing cycle' is that a new listing comes to market on Wednesday or Thursday, allows showings Friday-Sunday, then accepts one of their multiple offers on Sunday or Monday. Therefore, our median days on market is a whole 4.
Months of Inventory: Our months supply of inventory is currently at .6. To put this in perspective, the National Association of Realtors outlines 6 months as a "balanced market" where buyers and sellers have the same opportunity. Being at .6 is extremely low.
A huge THANK YOU to Megan Aller with First American Title who puts all of the data together and makes sense of it!
If you have ANY questions on the information outlined in this photo or want this information for your specific area, please reach out. I’m happy to provide explanations and/or additional market details! 🏡 💵
Thank you! Kylie